Moscow, Russia (August 28, 2007). Golden Telecom, Inc. (“Golden Telecom”) (NASDAQ: “GLDN”), a leading provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), announces the opening of its new office in Volzhskiy and operates 10,000 new telephone numbers in Volgograd.

This Golden Telecom office in Volzhskiy and 10,000 new telephone numbers in Volgograd will enable the full range of communication services to be provided to the region, which include provisioning of corporate telecommunications networks, video conferencing, integrated IP telephone services and high-speed Internet access.

Over ten years of operation, the Volgograd branch of Golden Telecom has built its own fiber-optic telecommunications network in Volgograd and Volzhskiy. This fiber runs over 200 km and Golden Telecom provides services to more than 500 major organizations, enterprises, business centers in Volgograd and Volzhskiy.

Commenting on this event Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, said: “We are doing our best to provide the most up-to-date telecommunications services to enterprises, organizations and government authorities in this region. One of our main objectives is to invest in the development of telecommunications in the region and thus to contribute to the accelerated economic development.”

The development and optimization of modern communications will promote the concept of the information society, enable the provisioning of up-to-date remote services, such as telemedicine and distant education services, expansion of the contacts between the residents of the region and the whole world and in raising the investment appeal of the Volgograd Region.